Critical Metals said on Thursday it will form a joint venture with an industrial conglomerate based in Saudi Arabia.
The JV with Tariq Abdel Hadi Abdullah Al-Qahtani & Brothers Company, with equal stakes, was formed to construct and operate a rare earth processing facility in Saudi Arabia, to expand non-Chinese global processing capacity.
The transaction includes long-term offtake rights for 25% of the Tanbreez Project’s rare earth concentrate production to Saudi Arabia.
The partnership will send all finished materials to the U.S. for use in its defense industrial complex. (Reporting by Tanay Dhumal in Bengaluru; Editing by Vijay Kishore)
